David Cameron’s lobbying record ‘a disgrace’ says McCoy
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David Cameron is reported to have made 10 million US dollars (£7.2 million) from Greensill Capital before the company collapsed in March. The former Prime Minister was revealed to have made 4.5 million dollars (£3.25 million) after cashing in shares from the company in 2019, and a salary of roughly one million dollars a year for work as a part-time adviser. The GB News presenter branded Mr Cameron’s actions a “disgrace”.
GB news’ political correspondent Tom Harwood added: “The Government is slightly absolved in this because they didn’t end up ploughing taxpayers’ money into this.
“David Cameron was unsuccessful in his lobbying attempts but the fact that he used his position so recently after being Prime Minister does feel a bit grubby.”
Mr McCoy interjected: “Feel a bit grubby? It’s a disgrace”
“It’s a disgrace that a former British Prime Minister acts in this way.”
The BBC’s Panorama programme has reportedly obtained a letter between the firm and the former prime minister detailing the value of his shares.
Mr Cameron is believed to have made approximately 10 million dollars before tax from Greensill over a two-and-a-half-year period.
His spokesman said the former PM did not receive “anything like” the sums reported by the BBC, and added he “deeply regrets” Greensill’s collapse.
Mr Cameron began his role as an adviser to Greensill in August 2018, just over two years after he resigned as prime minister in July 2016.
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The firm’s founder, Lex Greensill, advised the Government during Mr Cameron’s time in No 10 but he denied he had been offered a role while in office.
Greensill provided so-called supply chain finance to businesses, which meant the finance firm would pay a company’s invoice immediately after it was sent, cutting out the usual delay which can restrict companies’ cash flows.
The firm was the main financial backer to GFG Alliance – a group of companies controlled by the steel magnate Sanjeev Gupta, which borrowed around five billion dollars from Greensill.
But Greensill used its own cash to cover repayments GFG could not afford, according to Panorama.
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David Cameron lobbied the UK Government to act as a new investor for the firm, texting ministers including Chancellor Rishi Sunak, as well as Boris Johnson’s senior adviser Sheridan Westlake, and deputy Bank of England governor Sir Jon Cunliffe.
The Bank of England turned Greensill down, but in June 2020 Greensill was approved as a lender under a Government scheme designed to get emergency cash to companies affected by the Covid pandemic.
Greensill collapsed in March 2021, leading to a series of inquiries into Mr Cameron’s conduct and what had happened to the firm.
Mr Cameron’s spokesman said: “David Cameron did not receive anything like the figures quoted by Panorama.”
The spokesman added: “David Cameron deeply regrets that Greensill went into administration and is desperately sorry for those who have lost their jobs.
“As he was neither a director of the company, nor involved in any lending decisions, he has no special insight into what ultimately happened.
“He acted in good faith at all times, and there was no wrongdoing in any of the actions he took. He made the representations he did to the UK Government not just because he thought it would benefit the company, but because he sincerely believed there would be a material benefit for UK businesses at a challenging time.
“He had no idea until December 2020 that the company was in danger of failure.”
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